United Energy PLC - Interim Results
30 Septembre 1999 - 10:37AM
UK Regulatory
RNS No 3003m
UNITED ENERGY PLC
30 September 1999
Chairman's Statement
Dear Shareholders
The six months to 30 June 1999 have been spent divesting the US oil and gas
operations and extracting value for the assets held by Agrigen following the
Planning Inspector's decision to dismiss Agrigen's planning appeal for the
Nunn Mills Biomass Power Station, Northampton, in February this year. As a
result of these activities your Company entered the second half of 1999 as a
cash shell with net liquid assets of #3.95 million.
Group Results
Results for the first half of 1999 were adversely impacted by weak oil and gas
prices and a decline in production caused by the sale of the US assets which
was completed on 1 June 1999, resulting in 5 months production being reflected
in the Interim Results. Compared to the first six months of 1998 average
received oil and gas prices were down 5% and 19% respectively at 12.61 US$/bbl
and 1.77 US$/mcf, whilst production was down 5% at 1,880 boepd. This resulted
in turnover down 12% at #2.38 million resulting in a loss for the first half
of #409,000 before the #160,000 exceptional gain on disposal of operations.
US Oil and Gas Operations
In early June the Company announced that the disposal of AmBrit Energy Corp's
US assets had been completed with an amount of approximately 1.20 million US$
being held in escrow, in accordance with the completion mechanism defined by
the Sale and Purchase Agreement. The escrow funds have now been distributed
during September, with all title defects cured thereby finalising the disposal
of the US assets.
The legal dispute relating to the Pilgreen 2-St well referred to in the 1998
Report & Accounts remains unresolved with the outstanding royalties due to
AmBrit amounting to #300,000 remaining in the court. Your Board is still of
the opinion that it has a high chance of success in this action.
Agrigen
Following the Planning Inspector's adverse decision, the site at Nunn Mills
was sold for #250,000 in early March and Agrigen was placed in Receivership on
12 March, 1999. United Energy is the largest creditor of Agrigen Ltd and as
such has made a full provision amounting to #0.87 million which was carried as
an exceptional item in the 1998 accounts. There have been a number of
expressions of interest in the NFFO licence and Thermie Grant but as yet, no
transaction has been completed.
Outlook
Since the completion of the disposal of AmBrit Energy Corp's US assets,
considerable time has been spent evaluating a number of potential businesses
to 'reverse' into United Energy. As indicated at the time of the disposal we
remain committed to the concept of shareholder value and are assessing
opportunities on their potential to ensure this is maximised. We have
identified a number of candidates and continue to evaluate these with the
objective of announcing a transaction by the time the year end results are
reported.
John Billington
Chairman
30 September 1999
Unaudited Group Results
for the Six Months Ended 30 June 1999
Six months ended Six months ended Year ended
30 June 1999 30 June 1998 31 December 1998
#'000 #'000 #'000
Turnover 2,380 2,698 5,471
Cost of sales:
Production costs (945) (1,053) (2,186)
Depletion of oil and gas
interests and abandonment (1,019) (1,051) (2,414)
Exceptional impairment of oil
and gas interests - - (750)
(1,964) (2,104) (5,350)
Gross profit 416 594 121
Administrative expenses (464) (446) (910)
Operating (loss)/profit (48) 148 (789)
Loss from interests in associated
undertaking - (11) (20)
Exceptional loss on associated
undertaking - - (870)
Interest receivable and similar
income 17 5 6
Interest payable and other charges (378) (330) (729)
Exceptional gain on disposal of
operations 160 - -
Loss on ordinary activities
before taxation (249) (188) (2,402)
Taxation - - -
Loss on ordinary activities
after taxation (249) (188) (2,402)
Loss per share (0.6p) (0.5p) (6.2p)
Unaudited Group Balance Sheet as at 30 June 1999
30 June 1999 31 December 1998
#'000 #'000
Fixed assets
Intangible exploration assets 0 111
Oil and gas interests 0 12,009
Other tangible assets 33 322
33 12,442
Current assets
Debtors 1,263 1,453
Cash at bank 3,868 458
5,131 1,911
Creditors: amounts falling due within one year (1,214) (3,223)
Net current assets 3,917 (1,312)
Total assets less current liabilities 3,950 11,130
Creditors: amounts falling due after
more than one year - (7,175)
Net assets 3,950 3,955
Capital and reserves
Called up share capital 3,889 3,889
Share premium account 272 272
Other reserves: capital reserve 717 717
Profit and loss account (928) (923)
Shareholders' funds-equity 3,950 3,955
Notes
1. The figures above do not constitute statutory accounts within the meaning
of Section 240 of the Companies Act 1985. The comparative figures for the
year ended 31 December 1998 have been extracted from the statutory accounts
for that year, on which the auditors reported without qualification, and which
have been filed with the Registrar of Companies.
2. The interim results for the six months ended 30 June 1999 are unaudited and
have been prepared in accordance with the accounting policies adopted in the
statutory accounts for the year ended 31 December 1998 as modified by the
adoption of new financial reporting standards.
3. The directors do not propose to recommend the payment of an interim
dividend (1998: nil).
4. These interim results are being circulated to shareholders and are
available upon request from the Company's Head Office at 51 The Promenade,
Cheltenham, Gloucestershire GL50 1PJ (Tel: 01242 253773).
END
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